ULLINK and European bank to launch MiFID II solution for Systematic Internalisers | Financial Industry & Algorithmic Trading News

 

 Richard Bentley, ULLINK

Richard Bentley, ULLINK

London – ULLINK, a provider of electronic trading and connectivity solutions, has partnered with a leading European bank to develop a new solution for client quote management. The new solution, called UL QUOTE, is available to Brokers acting as a Systematic Internaliser (SI), enabling them to comply with MiFID II regulations concerning pre-trade transparency.

With the introduction of MiFID II in January 2018, a SI acting as a liquidity provider in MiFID instruments must comply with new
rules around client Request For Quote (RFQ) management, quote publication and reporting. ULLINK’s UL QUOTE solution is
specifically designed to address these requirements. As a modular extension to ULLINK’s Order Management System (OMS), UL QUOTE enables a SI to receive cross-asset class RFQs and direct them to the most appropriate source of liquidity, including internal options. UL QUOTE also enables a SI to distribute multiple RFQs based on client orders to the market.

The solution timestamps RFQs and attaches other data required for MiFID II reporting, and is FIX-compliant for interoperation with buy-side OMS and trading platforms. UL QUOTE extends the new product capabilities developed by Ullink for MiFID II compliance, following the launch of the UL PUBLISHER (for order data management and transaction reporting) and UL TRADE REPORTING (for real-time report generation and submissions to APAs) products announced earlier this year.

Richard Bentley, Chief Product Officer at ULLINK, comments: “The changes in market structure due to MiFID II are both a challenge and an opportunity for brokers. As the deadline nears, we are continuing to see many brokers look to market specialists to ensure they meet the plethora of new rules covering quote publication and management, as well as post-trade reporting.”

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